Many people in India view the stock market as gambling due to several factors.

Lack of Financial Literacy:
Limited Education: Many people don’t understand how the stock market works, leading them to see it as risky and unpredictable.
Complexity: The stock market’s complexity makes it seem like a gamble rather than a structured investment.
Historical Events:
Market Scams: Events like the Harshad Mehta scam in the 1990s have left a negative impression, making people wary.
Volatility: The stock market’s volatility can result in significant short-term losses, reinforcing the gambling perception.
Cultural Factors:
Risk Aversion: Traditionally, Indians prefer safer investments like gold and real estate over the stock market.
Speculative Behavior: Many new investors seek quick profits and often experience losses, which they associate with gambling.
Media Influence:
Sensationalism: Media often highlights extreme gains and losses, portraying the market as high-risk.
Short-term Focus: Media tends to focus on daily market movements rather than long-term investment strategies.
Lack of Trust:
Regulatory Concerns: Issues with regulatory oversight lead to distrust in market fairness.
Big Player Influence: The belief that the market is manipulated by big players deters small investors.
Peer Influence:
Word of Mouth: Negative experiences shared by friends and family reinforce the idea of the stock market as gambling.
To change this perception, improving financial literacy, promoting long-term investment benefits, ensuring strong regulations, and balanced media coverage are essential.